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Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

section, a deduction of the whole of such income, in computing the total income of the assessee." The Finance Act, 1974, amended s. 80-O retrospectively w.e.f. 1st April, 1972, to allow deduction only with reference to the income which … of the present case wherein it has been held that s. 80-O applies to income after deductions under Chapter VI-A i.e., deduction should be allowed after deducting the expenses from the gross receipt. Keeping in view the … abroad. For asst. yr. 1992-93, for which the previous year ended on 31st March, 1992, the assessee had claimed deduction under s.80-O of the IT

Kanta Mehta Vs. Union of India and Others

Court : Delhi

Subject : Company

Acts : Reserve Bank of India Act, 1934 - Sections 45-I, 45J, 45K, 45L, 45M, 45S, 45S(1), 45S(2), 58A(1), 58A(7), 58A(8), 58B and 58B(5A); Banking Laws (Amendment) Act, 1983 - Sections 10; Constitution of India - Articles 14, 19, 19(1) and 246; Kerala Money Lenders Act; Banking Regulation Act, 1949 - Sections 5 and 8; Banking Regulation (Amendment) Act, 1956 - Sections 12; Banking Regulation (Amendment) Act, 1959 - Sections 17 and 18; Banking Regulation (Amendment) Act, 1968 - Sections 10A and 10A(5); Banking Regulation (Amendment) Act, 1984 - Sections 18, 21, 22(3), 24, 30 and 227; Banking Laws (Miscellaneous Provisions) Act, 1965; Companies Act, 1956 - Sections 58A; Companies (Acceptance of Deposits) Rules, 1975 - Rules 2 and 3; Companies (Acceptance of Deposits) (Amend

Reported in : [1987]62CompCas769(Delhi)

support the necessity for the impugned legislation. The suggestion was made that because of the failure of Sanchaita Finance Firm, resulting in ruination of a large number of depositors as reported in State of West Bengal v. … challenge the constitutional validity of Chapter II-C read with section 58B (5A) of the Reserve Bank of India Act, 1934, introduced by the Banking Laws (Amendment) Act, 1983 (Act 1 of 1984) (to be called 'the impugned … The result was that Parliament had to step in by incorporating in 1974 section 58A in the Companies Act of 1956. The object of enacting … 17%, 18% and 19% per annum for one year, 2 years and 3 years deposits respectively. The rate of interest charged to the borrowers is

State of Rajasthan Vs. Uka and ors.,

Court : Rajasthan

Subject : Tenancy

overcome the above difficulties, it was felt necessary to amend the Act.13. Chapter II of the Act of 1974 prescribes rights of agriculturists to alienate … institutional thereto came into force on 21.9.1974 in the name of 'Rajasthan Agricultural Credit Operations (Removal of Difficulties) Act, 1974' (hereinafter referred to as 'the Act of 1974') with statement of objects and reasons, as follows:One of the … shown that there are certain provisions therein which inhibit the entry of commercial Banks into the field of financing of agriculture. It will, therefore, be necessary to modify these laws for the purpose of enabling commercial banks … judgment given in Asuram v. Tehsildar, Sanchore reported in AIR 2000 Rajasthan 345.2. To understand the issue under consideration, it may be useful to notice

Addl. Commissioner of Income-tax Vs. Abbas Wazir (P.) Ltd. and Samad C ...

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1974 - Sections 2(6) and 2(8); Income Tax Act, 1961 - Sections 251

Reported in : (1979)9CTR(All)169; [1979]116ITR811(All)

manufactures and sells carpets. For the assessment year 1974-75, it had claimed relief under Section 2(8)(c) of the Finance Act, 1974 (20 of 1974). It claimed that it was an industrial company as denned in these provisions and so … theaforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VIA of the Income-tax Act) is not less than fifty-one per cent. of such total income.' 4. The

Reserve Bank of India and Others Vs. Peerless General Finance and Inve ...

Court : Supreme Court of India

Subject : CommercialBanking

Acts : Reserve Bank of India Act, 1934 - Sections 45-K(3); Constitution of India - Articles 14, 19(1), 32 and 363; Indian Companies Act, 1913; Life Insurance Corporation Act, 1956; Banking Regulation Act, 1949; Companies (Amendment) Act, 1974; Companies Act, 1956; Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Banking Act, 1987

Reported in : 1996IAD(SC)774; AIR1996SC646; [1996]85CompCas920(SC); JT1996(1)SC8; 1996(1)SCALE13; (1996)1SCC642; [1996]1SCR58

High Court dated May 3, 1995, is in the third round of the litigation between the Peerless General Finance & Investment Company Ltd. (hereinafter referred to as 'Peerless') and the Reserve Bank of India (hereinafter referred to … companies and in order to more effectively regulate the deposit accepting activities of these companies, the Companies (Amendment) Act, 1974 was enacted and Sections 58-A and 58-B were inserted in the Companies Act, 1956. Section 58-A makes provisions … as 'the Act') was amended by Act No. 55 of 1963 and chapter III-B (Sections 45(H) or 45(Q) which contains provisions relating to non-banking institutions

Federal Bank Ltd. Vs. Sagar Thomas and ors.

Court : Supreme Court of India

Subject : Service

Acts : Constitution of India - Articles 12, 14, 19(2) 226 and 311; ;Companies Act, 1913 - Sections 3; Companies Act, 1956 - Sections 9, 227, 233A, 233A(1), 237, 250, 255 and 267; Uttar Pradesh Co-operative Societies Act - Sections 122; Uttar Pradesh Co-operative Land Development Bank Act, 1964 - Sections 30; Uttar Pradesh Co-operative Land Development Banks Rules, 1971; International Airports Authority of India Act, 1971; Reserve Bank of India Act, 1934 - Sections 42(6); Banking Regulation Act, 1941 - Sections 22 and 22(3); Banking Regulation Act, 1949 - Sections 5, 35, 35(1), 35(1A), 35(4), 35A, 36, 36AA, 36AB, 36AB(1), 36AE, 38 and 45; Industries (Development and Regulation) Act 1951 - Sections 15, 15A and 18A; Indian Penal Code; Industrial Disputes Act; Minimum Wages Act; Factories Ac

Reported in : AIR2003SC4325; 97(2004)CLT363(SC); [2004]120CompCas63(SC); 2003(4)CTC418; JT2003(Suppl1)SC470; 2003(3)KLT876(SC); (2004)ILLJ161SC; 2003(8)SCALE143; (2003)10SCC733; 2004(1)S

proper environment say Air (Prevention and Control of Pollution) Act, 1981 or Water (Prevention and Control of Pollution) Act, 1974 etc. or statutes of the like nature which fasten certain duties and responsibilities statutorily upon such private bodies … ;-'46A. Chairman, director, etc., to be public servants for the purpose of Chapter IX of the Indian Penal Code.-[Every Chairman who is appointed on a … Banking Regulation Act, 1949. The entire shareholding of the company is held by private individuals and entities. The finances of the banks are raised by its own resources and efforts, and the profits of the bank are … instrumentality or agency of Government. ' This Court has observed in paragraph 31 as follows :'The tests to determine whether a body falls within the

Bhupendra Kumar Bhaumik Vs. Union of India

Court : Delhi

Subject : Direct Taxation

Reported in : [2002]125TAXMAN886(Delhi)

section 54E of the Income Tax Act, 1961 (hereinafter referred to as the Act), as introduced by the Finance Act, 1992, praying that the words and figures '29th day of February, 1992' in the said section be struck … application in the facts of the present case.13. The scope and effect of amendment in various sections in Chapter IV Part E of the Act relating to taxation of capital gains including the amendments of sections 45 … date on which such compensation is received by the assessed or the 31-3-1992, whichever is earlier.'4. As technically the interpretation of section 54E(1) of the

K.K. Majumder Vs. Union of India (Uoi) and ors.

Court : Kolkata

Subject : Labour and Industrial

Reported in : (1989)ILLJ426Cal

of Article 12 of the Constitution and, therefore, amenable to the writ jurisdiction for enforcement of rights under Chapter 3 of the Constitution and secondly, questions which have been dealt with is whether their terms of an employment … petitioner that the Public Enterprises Selection Board has recommended the name of the petitioner for the post of Finance Director in the Bridge & Roof Company, in Schedule 'C' scale of pay of Rs. 2500-3000. The Under … the issue.40. On the factual aspect it appears that on 30th August, 1974 the Government of India by a Notification (Gazette of India, Extraordinary Pt. … natural justice', ought to be the most accepted methodology of all Governmental action. The observations of the Supreme Court in the case of Maneka Gandhi

Commissioner of Income-tax Vs. Chemical and Metallurgical Design Co. L ...

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 80AA, 80AB, 80HH, 80M, 80N, 80-O, 80T, 85 and 256(1); Finance Act, 1974 - Sections 17; Finance Act, 1968; Finance Act, 1971

Reported in : 2000(57)DRJ246; [2001]247ITR749(Delhi)

the Revenue would appear attractive, in reality, it is not so. The effect of Section 17 of the Finance Act, 1974, which brought about certain amendments to Sections 80N and 80-O have not been noticed and a bare reading … any deduction is required to be made or allowed under any Section (except Section 80M) included in this Chapter under the heading 'C--Deductions in respect of certain incomes' in respect of any income of the nature specified

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1985)14ITD411(Mad.)

the Finance Act, 1972, this provision contained only Sub-sections (1) and (2). Sub-section (3) was introduced by the Finance Act, 1974 with effect from 1-4-1975. The intention for the introduction of this sub-section has been explained in the memorandum … the assessee is that under Sub-section (3), in view of the words 'subject to other provisions of this Chapter', the assessee would be entitled to first set off the loss against other income and only the balance